Petrobras

Petrobras approves settlement with investors to end individual securities action in the United States

Rio de Janeiro, September 13, 2017 – Petróleo Brasileiro S.A. – Petrobras announces that its Board of Directors approved today an agreement to settle an individual securities action brought before the U.S. federal District Court for the Southern District of New York, by a number of funds affiliated with Discovery Global Citizens Master Fund, Ltd. (“Discovery Global”).

Petrobras has previously entered into settlements to end 19 individual securities actions brought in the U.S. federal District Court for the Southern District of New York, as disclosed on October 21, 2016, November 23, 2016 and February 24, 2017, and an individual securities action brought before the U.S. federal District Court for the Eastern District of Pennsylvania, as disclosed on June 19, 2017.

As a result of the agreements reached and the stage of negotiations in progress with other individual action plaintiffs, the total value of the estimated provisions amounts to  US$ 445 million in the 2nd quarter of 2017 (of which US$ 372 million are provisioned in 2016), totals US$ 448 million.

At the moment, it is not possible for Petrobras to make a reliable estimate of the outcome of the class action.

These settlements, the terms of which are confidential, have the purpose of eliminating uncertainties, burdens and costs associated with the continuity of such disputes and do not constitute any acknowledgment of responsibility on the part of Petrobras, which will continue to firmly defend itself in other ongoing actions.

Categories: Petrobras

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